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Tubacex (TUB) investor relations material
Tubacex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA reached €61M, up 21.8% year-over-year, with net profit surging 140.9% to €15.6M, despite a 9.2% decline in sales to €361.4M.
Order backlog remains robust at €1.4B, focused on high value-added products, ensuring future profitability and visibility.
Abu Dhabi plant investment completed; production and billing for ADNOC contract commencing in H2 2025, expected to drive significant growth.
Strategic Plan 2027 (NT2) remains on track, with optimism for medium and long-term prospects despite global uncertainty.
Results highlight resilience and validate strategic positioning in premium and niche markets.
Financial highlights
Sales for H1 2025 were €361.4M, down 9.2% year-over-year; EBITDA €61M (margin 16.9%), EBIT €37.4M (10.3%), pre-tax earnings €20.3M, net profit €15.6M (4.3% of sales), up 140.9% year-over-year.
Working capital at €384.6M, peaking as of June 30, with working capital/sales at 52.6%.
Net financial debt at €369M, with a net financial debt/EBITDA ratio of 3.1x; deleveraging expected to reach 2–2.5x by end of 2025.
CapEx for H1 2025 at €41.6M, mainly for Abu Dhabi plant; €134M in cash and €216M in liquidity, solvency rate at 33%.
Stock price up 20.9% in H1, with a target price implying 42% potential upside.
Outlook and guidance
Positive outlook for 2025, expecting stable or improved results and margins, with significant balance sheet improvement as ADNOC and Petrobras contracts are monetized.
Strategic focus on maintaining profitability margins between 14–15% of sales, even in adverse environments.
NT2 2027 plan targets: revenues €1.2–1.4B, EBITDA >€200M, NFD/EBITDA <2x, payout ratio 30–40%.
Commitment to reduce oil & gas exposure to one-third of business and lead in low-carbon sectors.
Cautious stance due to global uncertainty, with ongoing monitoring of market conditions.
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